What Recipe is Your Business

What Recipe is Your Business

Have you wondered why you started your own business or are you thinking of starting one ?

Maybe you should do a Health Check in answer to either of those questions and look at it in a fundamental simplistic way that makes it easy.

In Culinary terms was it as a result of using ‘leftovers’ a redundancy package,  maybe an ‘old favourite’ that’s familiar like a hobby or interest,  an inspiration from a friend or a new recipe you saw in a book or magazine. Either way you will be venturing onto new territory and don’t always know the pitfalls or how confined you maybe by your own limitations to try new things.

A good place to start is to have a piece of paper with two columns.

What am I GOOD at                        What am I NOT GOOD at

You have to work at this for a few days or weeks and you will see it evolve into

What I LIKE doing                           What I DON’T LIKE doing

Now we have a start. The Recipe begins.

Ingredients first:

Do you buy from a reputable supplier like a butcher, fishmonger or go to the Supermarket – pay for quality or go budget.

(This will affect the quality of the end product irrespective of packaging)

You also need to know the cost effectiveness of craftsmanship of the product.

Take a piece of meat for example.

If you go to the butcher and have the meat prepared, boned and tied ready for use or do you buy the raw product and prepare yourself.

Both have cost and skill implications.

This is where you have to decide where your time and efforts are best deployed for maximum profitable return.

TIME MANAGEMENT

There is no point spending hours on preparation if you don’t have the knowledge or the skill when your forte is selling Ice to Eskimos.

The next consideration is what meat do you buy.

Are limited by your own choice and preference or do you have your potential customer’s needs and choices in mind.

MARKET RESEARCH

Method:

So you have your ingredients.

These have to be accounted for.

STOCKTAKING, COSTING, ACCOUNTS, BUDGETING. 

You start to make your recipe it all goes well – oh and we have to account for

FUEL, EQUIPMENT, PREMISES, ENVIRONMENTAL LEGISLATION, LEGAL LIABILITIES AND maybe the need of STAFF and all the responsibilities attached to that also.

Consumer:

Who is what is your customer and how do they get to know about you and what you are doing.

This means communication

PR Marketing, Advertising.

Some People talking about you or recommending you.

This can now be done or a much bigger scale by using SOCIAL MEDIA and the Internet supported by a GOOD WEBSITE.     

CONSCLUSION:

Do not be a JACK of ALL TRADES and realise, identify your weaknesses and strengths.

What YOU Like Doing is your best and most productive and profitable tool.

What YOU DON’T Like Doing is your Achilles Heel and maybe should be delegated or outsourced to an expert in that field so that you can concentrate on your strengths or seek training to improve your skills.

You cannot and should not do everything - DELEGATE

Outsourcing may include Accounting, Advertising, Social Media, Legal Matters.

You do not save money doing everything.

All you do is weaken the effectiveness and profitability of your strengths.

In addition being physically involved with your Business does not give you the time or opportunity to look from the outside in, doing a Health Check, Developing a New Recipe or creating new ones.

SO DO A HEALTH CHECK AND BE HONEST WITH YOURSELF AND ADDRESS THE ISSUES THAT COME UP